The report will be here at 10 a.m.
10:05 a.m.: Still waiting …
10:07 a.m.: HERE IT IS (permanent link) —
(Tempe, Arizona) — Economic activity in the non-manufacturing sector grew in April for the 51st consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM® Report On Business®.
… “The NMI® registered 55.2 percent in April, 2.1 percentage points higher than March’s reading of 53.1 percent. The Non-Manufacturing Business Activity Index increased substantially to 60.9 percent, which is 7.5 percentage points higher than the March reading of 53.4 percent, reflecting growth for the 57th consecutive month at a much faster rate. The New Orders Index registered 58.2 percent, 4.8 percentage points higher than the reading of 53.4 percent registered in March. The Employment Index decreased 2.3 percentage points to 51.3 percent from the March reading of 53.6 percent and indicates growth for the second consecutive month, but at a slower rate. The Prices Index increased 2.5 percentage points from the March reading of 58.3 percent to 60.8 percent, indicating prices increased at a faster rate in April when compared to March. According to the NMI®, 14 non-manufacturing industries reported growth in April. The majority of survey respondents’ comments indicate that both business conditions and the economy are improving.”
14 of 18 industries showed expansion.
Two of three future GDP drivers shot up: New Orders from 53.4% to 58.3%, and Business Activity from 53.4% to 60.9%.
But Backlog of Orders went into contraction, from 51.5% to 49.0%.
This report looks like it has a lot of post-winter exuberance; remember, this is a sentiment survey not necessarily based on hard numbers.
The question of whether it will last is open, but we’ll take it.